What East pilots need to understand is the Pension Investigation is about looking at some specific trades by some specific DB Pension Fund Managers.
The DB Pension Fund was a “Master Trust†representing all the DB pension plans at US Airways at the time including the DB plan that management then had. In other words, all the DB plans at US Airways were in the exact same fund managed by the exact same people.
The Master Trust outperformed the Dow Joes Industrial Average during this period of time, much like a mutual fund that is beating the market.
So, the fund beat the Dow (it's a master trust with all the DB plans including management's) had some trades that were losers, but despite that, the fund beat the market. Now USAPA wants an investigation to challenge the specific trades that kept the plan/trust from even further outperforming the market. And, the USAPA argument is that we should get more PBGC money for the US Airways pilots because these losing trades (in the master trust) weren't properly supervised by the PBGC.
Now USAPA wants the pilots to spend millions of dollars of their earnings while paying a law firm $100,000.00 a month to pursue this.
And, the goal is not the restoration of our DB Plan and USAPA wants to prove fraud or criminal in the corporate offices for a fund that outperformed the market.
Is this once gain somebody's “Gut Feeling†in the Hardline Union leadership camp that we can produce a precedent setting policy change with the PBGC with this “investigation†and lawsuit of the PBGC?
And, people wonder why I cannot support USAPA, which continues to hurt East & West pilots and the company over-and-over again.
Regards,
USA320Pilot